Ireland is making a multi-million euro bid to become a global centre of food and agricultural technology.

The Ireland Strategic Investment Fund announced this week it is investing €40 million in two funds that will be managed by California-based Finistere Ventures. Half will go into the Ireland AgTech Fund (IAF) and €20 million into Finistere’s global AgTech fund, giving it a national and international platform to harness the most exciting innovations in the industry.

“We view agriculture and food technology as a significant a high-potential growth area for the Irish economy and have sought out a best-in-class AgTech fund. Finistere has a global reputation in what is still a very specialised area of venture investing and its decision to locate its first EU office in Dublin is a significant vote of confidence in Ireland’s Agri-food credentials,” said Cathal Fitzgerald, the Ireland Strategic Investment Fund’s Head of Food & Agricultural Investments.

“The IAF has strong potential to deliver a commercial return on our investment, stimulate the growth of the Irish AgTech sector at large, and support the commercialization of the state’s significant investment in this sector.”

As part of Finistere’s commitment to Ireland it will open its first European office in Dublin, which will also give it access to developments across the continent.